So is everyone who earns less than $250,000 ready for at least twenty new taxes in the ObamacareTax Law? Seven of those new taxes will be applicable to all Americans no matter what your income is. You can read Barack Obama's lips when he says that Obamacare is not a tax here and that those earning less than $250,000 will not have higher taxes here.
These seven new taxes that everyone will face are laid out by Robert Allen Bonelli over at Breitbart.com. They are as follows:
- The first, and best known, of these seven taxes that will hit all Americans as a result of Obamacare is the Individual Mandate Tax (no longer concealed as a penalty).
- Next up is the Medicine Cabinet Tax that took effect in 2011.
- The Flexible Spending Account (FSA) Cap, which will begin in 2013, is perhaps the most hurtful provision to the middle class.
- Another direct hit to the middle class is the Medical Itemized Deduction Hurdle which is currently 7.5% of adjusted gross income.
- The fifth new tax on the middle class, and all Americans, is the Health Savings Account (HSA) Withdrawal Tax Hike.
- Another regressive tax that is part of this law began in 2010 and that is the Indoor Tanning Services Tax, which places a 10% excise tax on people using tanning salons.
- The seventh new tax that directly impacts the middle class, along with all citizens, is the Excise Tax on Comprehensive Health Insurance Plans or the “Cadillac” Health Insurance Plan Tax.
Newsmax reports the entire list of twenty new taxes and their implementation dates and effects. While many will read the list and claim they don't affect them but someone else, just remember that taxes on things like hospitals and fuel and drug companies are not just absorbed by them, but passed on to consumer (ie. you and I pay for it). Of the twenty listed, nine have already gone into effect, including taxing health benefits on individual tax returns that took effect this year.
2013 will see an additonal 10 new taxes added and 2018 will see the implementation of the last of the twenty taxes that will be the excise tax on comprehensive Health insurance plans. This will impose an excise tax in the forty percent range on "Cadillac" health insurance plans.
For all of those who still think your health insurance will be free after the ruling of the SCOTUS.
The old saying is still true, "There is no such thing as a free lunch" and there is no such thing as free healthcare or free health insurance. One way or another you will pay for it.
So as we all know now for sure, Barack Obama is not just a liar, he is a big fat liar. The ObamacareTax is no only the biggest tax increase in American history, but in the history of the world.Don't forget to Like Freedom Outpost on Facebook, Google Plus, & Twitter. You can also get Freedom Outpost delivered to your Amazon Kindle device here.